Kanye West’s YZY Token Plunges 81% as Instagram Hack Fuels Fake Coin Frenzy

Kanye West’s much-hyped Solana meme coin, YZY, has lost nearly 81% of its value in just a week, as confusion spread following an Instagram hack that promoted a counterfeit version of the token.

The real YZY, tied directly to West and carrying the Solana contract ending in “YEEZY,” is hovering with a $73.5 million market cap—far below its launch valuation of nearly $3 billion FDV. Despite ticking up about 1% today, the token remains deep in the red since its explosive debut.

The situation spiraled when West’s Instagram, followed by almost 20 million users, was compromised on Tuesday. At the time, the account was seen following only two profiles: Bianca Censori, West’s partner, and a suspicious account named “yzytoken.” That account promoted an impostor token launched on Pump.fun earlier that same day, even posting a QR code linked to the contract address.

The fake token briefly rode West’s name to a $7 million market cap before collapsing by 96%, now sitting just above $160,000. West quickly clarified on X, writing: “My Instagram has been hacked and it’s following a fake coin,” while tagging the real YZY project’s official account and contract address.

Meanwhile, the official YZY project hasn’t escaped scrutiny. Although insiders and early buyers reportedly walked away with sizable profits—most notably Hayden Davis, who netted around $12 million—retail traders have faced heavy losses. Davis, already a controversial figure due to his involvement in February’s Libra meme coin linked to Argentine president Javier Milei, has once again profited from the chaos.

Despite the setbacks, YZY remains the only Kanye-endorsed token, while the fraudulent copy has largely evaporated. As of mid-Tuesday, West’s Instagram no longer follows the impostor account, but the damage to trader sentiment appears lasting.